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Caterham F1 crowdfunding tops £1m as possible buy emerges | Caterham F1 crowdfunding tops £1m as possible buy emerges |
(about 2 hours later) | |
A crowdfunding project to raise funds for the stricken Formula One team Caterham has surpassed £1m in 48 hours. | A crowdfunding project to raise funds for the stricken Formula One team Caterham has surpassed £1m in 48 hours. |
The administrator to the team also said that an unnamed "new financially-sound interested party" was considering acquiring Caterham. | The administrator to the team also said that an unnamed "new financially-sound interested party" was considering acquiring Caterham. |
Finbarr O'Connell launched the crowdfunding to raise £2.35m in time for Caterham to race in the final grand prix of the season on 23 November. | Finbarr O'Connell launched the crowdfunding to raise £2.35m in time for Caterham to race in the final grand prix of the season on 23 November. |
Mr O'Connell said the possible buyer emerged because of the fundraising. | Mr O'Connell said the possible buyer emerged because of the fundraising. |
Crowdfunding works by people pledging donations or buying items linked to the company. | Crowdfunding works by people pledging donations or buying items linked to the company. |
Caterham is selling earplugs and badges and is offering people the chance to enter a competition to have their name on a racing car at the Abu Dhabi Grand Prix on 23 November - assuming the team finds enough money to compete. | Caterham is selling earplugs and badges and is offering people the chance to enter a competition to have their name on a racing car at the Abu Dhabi Grand Prix on 23 November - assuming the team finds enough money to compete. |
As of late Sunday afternoon, Caterham's crowdfunding website showed that it had raised £1.075m from 2,199 backers. | As of late Sunday afternoon, Caterham's crowdfunding website showed that it had raised £1.075m from 2,199 backers. |
However, Mr O'Connell's project has been criticised by some people in the sport, including F1 supremo Bernie Ecclestone, who say teams should not be funded via "begging bowls". | |
But Mr O'Connell, of administrators Smith & Williamson, said there had been a misunderstanding about his project. | But Mr O'Connell, of administrators Smith & Williamson, said there had been a misunderstanding about his project. |
"The plan is not to run a F1 team by using crowdfunding, but rather this funding is providing a stepping stone for the team to a new financially sound future," he said. | "The plan is not to run a F1 team by using crowdfunding, but rather this funding is providing a stepping stone for the team to a new financially sound future," he said. |
"If teams don't race they are at a huge disadvantage as regards a potential purchaser making a very expensive purchase decision and this project gives the team the ability to showcase itself and especially its cars." | "If teams don't race they are at a huge disadvantage as regards a potential purchaser making a very expensive purchase decision and this project gives the team the ability to showcase itself and especially its cars." |
Mr O'Connell said he was pleased with the fundraising project so far, which was gathering momentum. | Mr O'Connell said he was pleased with the fundraising project so far, which was gathering momentum. |
Buyer | Buyer |
"I am not packing my toothbrush as yet, though, and there is still a lot of fundraising to be done by the team.'' | "I am not packing my toothbrush as yet, though, and there is still a lot of fundraising to be done by the team.'' |
"However, it is clear this campaign is becoming international. We have been approached by a number of people and organisations who have offered their support in different ways... as they want to see the team back on the grid. | "However, it is clear this campaign is becoming international. We have been approached by a number of people and organisations who have offered their support in different ways... as they want to see the team back on the grid. |
"Most importantly, a new financially-sound interested party has entered the arena and is considering acquiring the team. This new interest is wholly due to this campaign," he said. | "Most importantly, a new financially-sound interested party has entered the arena and is considering acquiring the team. This new interest is wholly due to this campaign," he said. |
The fundraising campaign closes on Friday. | The fundraising campaign closes on Friday. |
F1 has been in financial turmoil since Caterham and rival team Marussia hit trouble. Marussia has ceased trading and shut its factory at Banbury in Oxfordshire. | F1 has been in financial turmoil since Caterham and rival team Marussia hit trouble. Marussia has ceased trading and shut its factory at Banbury in Oxfordshire. |
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